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Have Fannie-Mae loan,meet requiments for harp program Does house need to be appraised?

house purchased 2007, meet all requiment credit score 693, house value 140,000 balance owned 171,000. Bank holding loan never sent appraisal.alice by boriqu_787_933 from Bronx, New York. Mar 5th 2013 Reply


William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,726 contributions

Under the HARP program, it does not necessarily require an appraisal. Per the guidelines, when your file is run through the automated underwriting system, it will tell the lender if it requires an appraisal or not.. 95% of HARP loans do not require an appraisal, however if the AUS did not come up with a value, it could ask for an appraisal.. if it does, you pay for it.. if it doesn't, then you will pay a $75 appraisal waiver fee as part of your closing costs.. if you have already applied, then this question could have been easily answered by your lender... if you have not applied, I would suggest you don't use your existing lender... (You will pay more for the convenience).. Instead, you should contact a LOCAL mortgage broker and apply with them. Do not use the local "Big" bank, or one of those 50 states internet lenders or nationwide lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Mar 6th 2013
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Charlie Sparks (CharlieSparks)
#9 ranked lender in New Mexico - 400 contributions

Almost all HARP refinances, in my experience, do not require appraisals. Your loan was certainly acquired by Fannie Mae well before the cutoff date of 6/1/2009 so you should be fine. One question... do you currently have PMI? Not a problem if you do but if it is with RMIC there are some lenders that won't work with this. Some will and it will take a little more work on your part to find one that will. I only lend in NM where I am licensed so can't help you directly or otherwise would be glad to. There will be other local lenders that will post here and I recommend you work with one of them. Good luck! : )

Mar 5th 2013
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Mohammad Hussain (Lyons1)
#62 ranked lender in New York - 15 contributions

I am a HARP lender in NY. Should you qualify for the loan with income, whether or not an appraisal is needed, the value is irrelevant in HARP. Call me at 516-567-7457 to discuss your options. Sincerely,Mohammad

Mar 6th 2013
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,027 contributions

Maybe... But not most do not. www.Harp-Refinance-MN.com

Mar 6th 2013
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#1 ranked lender in Florida - 2,241 contributions

Most of the time they do not require an appraisal. Give us a call we will help you!Call us or email us at 201-962-3555 or Team@BestMortgageOption.com for ano cost no obligation analysis of your situation.Ask for Michelle or Benny We will find the Best Mortgage Option to suit your needs!You can check us out at www.BestMortgageOption.com

Mar 6th 2013
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Andrew Alfonso (CashCow)
#44 ranked lender in Florida - 271 contributions

Alice - you should qualify is the simple answer with no problem. Andrew

Mar 6th 2013
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Joe Shamie (Joe Shamie)
#5 ranked lender in New Jersey - 1,412 contributions

The ultimate determination as to whether or not you need an appraisal will come from Fannie. Once you have a completed oan application with a lender you have chosen, they will need to run your loan thru Fanies Automated Underwriting engine. When they do so, an estimated value will need to be provided. Once they run it, they will get a set of findings that will say whether Fannie will grant a Property Inspection Waiver (PIW). if the findings greant the PIW you wont need an appraisal. If you dont get those findings, you will need an appraisal to support the estimated value. One other thing to note, if you are in an area affect by Sandy as determined by Fannie and you get the PIW, most underwriters are goingto require a Disaster Inspection Report to be done to make sure there is nothing wrong with the house. So odds are you will have to have SOME kind of inspection done. Click on the image at left and feel free to call me with any questions.

Mar 6th 2013
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Peter Savino (855411LEND)
#101 ranked lender in New Jersey - 332 contributions

You should not need an appraisal , If I can help please contact me at NYLOANMAN@aol.com WWW HOMEMORTGAGEXPERT.com

Mar 6th 2013
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Jason Vondrak (jvondrak)
#220 ranked lender in California - 1,741 contributions

Generally, when refinancing through HARP, you will not be required to get an appraisal.

Mar 6th 2013
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